I wanted to sell the EU at 1.2313 at 4am.
but I was half asleep at that time… missed that trade…
Now, no trade so far for the day.
GBP/CAD short at 3AM was an excellent entry. Not sure if you are looking at other pairs as well?
FSK
I only watch the three amigos.
lol! "The Three Amigos"
I love it.
FSK
Hello ST, you guys have been awfully quiet this week. There was no one in the Traders Arms yesterday and that is surprising.
In regards to your question about BP being a distraction, please allow me to loan a quote from a well known personality. " I have taken out of BP more than what BP has ever taken out of me!"
I was once too absorbed with Facebook, and that really messed up my trading for a while.
Babypips on the other hand, rarely so. Especially now where I have pretty much stopped commenting on newbie threads that keep asking the same fundamental basic questions again and again. I think my average weekly posts would be less than 6 or 7.
I only monitor a few threads, Bobmanincs Aussie short, The traders arms, this one and the latest one I have been trying to understand is PPFs Min15 trading thread. So I dont think I can justify my lapse of attention to me spending too much time on BP or BP distracting me.
The main reason I lost a few sure fire trades this week was because of discipline or the lack of it from my part I guess.
The other thing that I have noticed is I tend to miss the obvious like the EU buy set up which I posted on the Traders Arms thread, when I watch the markets from the Asian session. The trades that I take when I just come in before London opens or NY opens tends to be much more solid.
I need to find the balance between not actively looking for a trade daily and paying attention to potential set ups.
I guess its all part and parcel of learning.
And in regards to trademaster46’s posting here, well I didnt even bother clicking on the link because I have tried following the Turtles method when I first started forex and I found it too complicating back than. The reason why I didnt bother replying to him was because I took him to be an utter fool to say this is what the turtles were doing and I was not in the mood to correct such an obvious error;
I only realised that he was fishing for the gullible and greedy here when you guys pointed it out.
But again, I think its good that the posting is in the middle of this thread.
It highlights again what many of us have been saying countless times on this thread and every other thread.
The market for forex courses is huge. So many of them out there make a living from teaching forex rather than trading it. The market for programmers releasing their suicidal bots could be equally big. Than ofcourse we have the traditional snake oil salesmen and other con artists trying to squeeze some money from newbies who are completely overwhelmed by all this.
So the spam is a nice reminder to those who think that there is such a thing called easy money. There is no free lunch and finally a fool and his money will soon be parted.
Again, I dont know why people who would like to make money from trading find it abhorring to actually put in the effort to learn how to trade. If there was anything worthwhile that a person could do as far as their own financial betterment is concerned, than it has to be learning how to trade. Why cant they put in a few hours a week and slowly build the knowledge and the screen time for this to be a solid income generator? It cannot get any easier than this. Nothing pays like trading and all you have to do is click a mouse when you understand how its done.
This is the shortcut to financial well being, if not total financial freedom. To attempt to find an even shorter cut will always ensure we end up with the shortest end of the stick.
If they still go click on that link and fork out money to buy whatever that page is peddling thinking that they are investing in Optimus Prime of the forex world, than I guess they deserve it.
Some learn from watching other peoples mistakes. than there are many who have to trip on the same things like how those before them did, despite being warned before they learn the lesson.
So I guess that is why I was not too worked up about him spamming this thread.
Lets hope for a few more trading opportunities this week to cover the obvious one I missed.
First trade of the week got out with 66 pips on GU. Can not hold it as my trailing stop hit. Very good start of the week, hopefully everybody is also banking pips.
Nice sharbazar, Bernanke treated you well too! Maybe you, Bob, and I should get together and write Ben a “Thank You” Letter. The problem is, we would probably tear it up after the next news announcement, before we could ever mail it!
FSK
Count me in. Probably you are right, May be until the next announcement.
FSK you are probably right. But I didnt let him have a chance took my profits and went home long before he got up to speak. The only way he would get a thank you letter from he is if he mailed me a check that was nice enough to buy the island in the pacific that I am after or if the speech he gave was a retirement speech lol
Thank you for the detailed response, makes a lot of sense on many levels. To pick up on the point that I have requoted above - I have had a few distracting domestic issues recently, which have both now settled down, plus the market is a bit spiky, so I have been doing very little intraday trading, I have not moved below the 240 in a week or two, so have had little to contribute on discussion of intraday setups as I have not been monitoring. So I have basically just been making the odd broad brush contribution and getting flamed lol.
This thread is still a comfy home from home, though, even when I have nothing of value to add.
This is how most people (95%) losing money from Forex…
Points 12 and 19 on your chart would most probably highlight the issue of taking maximum loss and banking in minimal profits
Let me see If I can ask this question right or If I can explain what I am trying to say.
Lets say the three pairs… AU, EU & GU are going down.
If one of these pairs reaches a major support and halts there or starts to retrace… are the other two pairs likely to do the same thing even though they are not close to their support yet?
Does this make sense or am I thinking too much?
Thanks
I would say just stick to watching one pair. Nothing is set in stone so because one pair is doing the opposite of the other two doesn’t foretell what the other two will do.
@ forexpastor - No offence meant but isn’t correlation a large part of the philosophy of this thread? If not maybe that’s where I’m going wrong 
@ amanfx - If I recall correctly Nikita often warns that just because different pairs have high correlation it doesn’t mean that they can’t act individually.
Yea correlation is a part of the trading, but ultimately, price is going to go wherever it decides to go on any currency pair. So with three pairs, you want to look for all three moving together to help better the odds of your trade. But if one pair retraces, there is nothing in the cards that say the other two pairs will retrace or keep moving. It’s just something you have to wait out and see what happens.
No the other two pairs will continue to hit their individual S & R areas. The one that has hit might break down from that area a little, or range but it wont travel much further south from its historical Highs or Lows.
It will wait until the other two has hit the S&R area before taking off upwards again.
When price action and candle patterns are confirmed on one pair, than I go in with a certain amount of risk, than this risk is adjusted according to how the higher TF candles and all are in support of the buy or sell.
Finally, correlation is the last part that would determine if I want to go high risks.
If all falls in place I sometimes go very very high risk. Usually I cut down risk as it hits 30 pips, than reduce again when crossed 60, than let the rest ride.
Sometimes if my risk is about 15 or more percent, I might take it all when its hit 30 pips.
So its not written in stone.
The initial lessons are all so that we dont loose our accounts before we figure out whats happening.
You can than change or add as how comfortable you are to suit your psychology when you get the concept right.
Thank you for the answers everyone.
Nikita, that is what I have been watching myself. Besides that other two pairs pullback a little before continuing south. While the pair that hit support ranges like you said.
Anyway, your answer cleared my thoughts.
Thank you.
Hi Nikiti - Just to clarify:
You enter based on price action of DTF - using candle stick patterns. All three of your pairs must be showing the same signals? (either buy or sell duhh)
Can you help me and tell me at what point the 1HTF comes in to play? I think what you are saying is that if the DTF shows buy, you wait for the 1HTF to reach a lower low? (if this is true for what time period do you use?) And then you buy…but what which point do you sell? Simply using spidey senses???
James